Iron Bar Prices in the United States

U.S. Iron Bar Import Price per Ton in June 2022

In June 2022, the iron bar price per ton amounted to $1.3K (CIF, US), rising by 22% against the previous month. Over the period from January 2022 to June 2022, it increased at an average monthly rate of +3.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was the UK ($2.5K per ton), while the price for Turkey ($919.0 per ton) was amongst the lowest.

From January 2022 to June 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

U.S. Iron Bar Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In August 2022, the product with the highest price was steel, stainless ($6.8K per ton), while the price for iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($937.2 per ton) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was attained by hot-rolled wire stainless steel rod (+6.0%), while the prices for the other products experienced more modest paces of growth.

U.S. Iron Bar Imports

In August 2022, approximately 258K tons of bars and rods of iron or steel (hot-rolled) were imported into the United States; declining by -38% on July 2022 figures. In general, imports recorded a mild downturn. The pace of growth appeared the most rapid in July 2022 with an increase of 48% m-o-m.

In value terms, iron bar imports dropped markedly to $329M (IndexBox estimates) in August 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in May 2022 when imports increased by 44% against the previous month. As a result, imports reached the peak of $514M. From June 2022 to August 2022, the growth of imports remained at a lower figure.

U.S. Iron Bar Imports by Type

Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (128K tons), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (64K tons) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (35K tons) were the main products of iron bar imports to the United States, with a combined 88% share of total imports. These products were followed by hot-rolled bars in bearing steels, hot-rolled wire rod in coil of stainless steel, hot-rolled round bars of stainless steel and steel, stainless, which together accounted for a further 12%.

From January 2022 to August 2022, the biggest increases were in steel, stainless; bars and rods, hot-rolled, hot-drawn or extruded, other than of circular cross-section (with a CAGR of +7.8%), while purchases for the other products experienced more modest paces of growth.

In value terms, the most traded types of bars and rods of iron or steel (hot-rolled) in the United States were iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($120M), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($78M) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($47M), with a combined 74% share of total imports. Hot-rolled bars in bearing steels, hot-rolled wire rod in coil of stainless steel, steel, stainless and hot-rolled round bars of stainless steel lagged somewhat behind, together comprising a further 26%.

U.S. Iron Bar Imports by Country

Canada (74K tons), Mexico (39K tons) and Algeria (35K tons) were the main suppliers of iron bar imports to the United States, with a combined 53% share of total imports. Japan, Turkey, Germany, Brazil, Egypt, India, the Dominican Republic, South Korea and the UK lagged somewhat behind, together comprising a further 42%.

From January 2022 to June 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +86.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Canada ($100M) constituted the largest supplier of iron bar to the United States, comprising 27% of total imports. The second position in the ranking was taken by Mexico ($48M), with a 13% share of total imports. It was followed by Japan, with a 9.4% share.

From January 2022 to June 2022, the average monthly growth rate of value from Canada totaled +6.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (-5.4% per month) and Japan (+4.6% per month).

Source: IndexBox Market Intelligence Platform